Alasdair Macleod: Where can we find 20,000 tonnes of gold?

In new commentary, the economist and former banker Alasdair Macleod examines the fractional-reserve nature of the London gold market and estimates that the major bullion banks have sold about 20,000 tonnes more gold than they have, the imaginary metal residing in "unallocated" accounts. As central banks undertake their currency war and investors are only starting to realize what the Bank for International Settlements knows -- that gold's true value is far above its nominal price -- Macleod asks: "Where can we find 20,000 tonnes of gold?" That's the headline on his commentary and you can find it at his Internet site, Finance and Economics, here:

The capitalist system has lifted mankind out of mass poverty. It is this system that in the last century and in the last generation, has progressively changed the face of the world, and has provided the masses of mankind with amenities that even kings did not posses or imagine a few generations ago. - Henry Hazlitt

The American people will never knowingly adopt socialism. But, under the name of “liberalism”, they will adopt every fragment of the socialist program, until one day America will be a socialist nation, without knowing how it happened..I no longer need to run as a Presidential Candidate for the Socialist Party. The Democratic Party has adopted our platform. - Norman Thomas

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